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Mervyn's bankruptcy to reflect in Q3 results of Hanesbrands
25
Oct '08
Hanesbrands Inc. today announced that the impact of the Oct. 17, 2008, liquidation disclosure by Mervyn's LLC and its affiliated entities, which occurred after Hanesbrands' third quarter ended, will be included in the company's third-quarter results as a material subsequent event.

As planned, Hanesbrands intends to report full third-quarter results at the end of trading on the New York Stock Exchange on Oct. 29, 2008.

Mervyn's, a regional retailer in California and the Southwest, originally filed for reorganization under Chapter 11 on July 29, 2008. The bad-debt charge now reflects the intentions of Mervyn's to wind down its business and conduct going-out-of-business sales at 149 remaining store locations under Chapter 11 of the U.S. Bankruptcy Code.

With the subsequent-event impact, Hanesbrands now expects pretax charges related to the Mervyn's bankruptcy to be $5.5 million, or $0.04 per diluted share after tax, for the quarter ended Sept. 27, 2008.

Excluding actions and the impact of the Mervyn's bankruptcy, Hanesbrands anticipates reporting non-GAAP earnings per diluted share of $0.56, up $0.08 from the third quarter a year ago. On a GAAP basis, Hanesbrands expects to report diluted EPS of $0.17 (which includes $0.35 of restructuring and related charges and $0.04 for the Mervyn's bankruptcy).

(Diluted EPS excluding actions is a non-GAAP measure used to better assess underlying business performance because it excludes the effect of unusual actions that are not directly related to operations. The unusual actions in the current quarter were restructuring and related charges and the tax effect on these items.)

Hanesbrands


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